Posted by JT-IN on September 21, 2003 at 09:56:03:
Are you certain of this…? Not that it couldn’t be, but 11 yrs would be long time to have an active fc case going, w/o some resolution to it; either cure the default or sell the asset… one or the other.
If that date is correct, and this thing has been lingering for all that time, the amount of judgment and interest owed may be considerably more than you indicate here… Something is a miss, but with this limited info, I can only guess at what it could be…
Another approach, although more advanced and requiring the available cash to pull this off… would be that if the loan has truly been in default all this time, (since 92’), and the owner/seller is willing to work something out, (which if they have hung on this long, is doubtful), but if so, then you could approach the Lender to determine if they an interest in selling this Note & Mtg… (or Deed of Trust). My guess is that if this has been an active problem for them all thsi time, that they would gladly unload the problem on someone else. If the seller is amicable, you could work both sides against the middle… and end up with a larger discount and more profit.
Bottom line here is that something is a miss… and more info is needed to determine what/how, etc…